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FiveStarLaw, Attorney

Category: Bankruptcy Law

Satisfied Customers: 36668

Experience: Bankruptcy Lawyer. Experienced.

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When is the decision to file bankruptcy the best way to go

Resolved Question:

When is the decision to file bankruptcy the best way to go? I lost my job, my house was foreclosed, and I have about $10,000 in credit card charges. I start collecting social security (retired at 62 because I could not find work) next month, but can't see a future paying credit card bills for the next 10 years. I went from a FICO score of 813 to whatever it is now after all that. I am afraid to look at it now.

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for California:http://www.bankruptcyinformation.com/CA_exemp.htm

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